Could Bank Deposit Networks Contribute to Financial Inclusion?


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Moving to a new country can be exciting, but it can also be a hassle. From signing leases to opening bank accounts, becoming a full-fledged resident of a new city or country can be hard, especially when you don’t speak the language.

At the same time, many migrants take out loans to move abroad, leave behind mortgages that need paying, or simply have family members who depend on their income to make ends meet.

To offer a solution, money transfer operators (MTOs) like Ria Money Transfer have teamed up with banks around the world to facilitate direct deposits to accounts back home.

As a leading money transfer company, Ria has developed the largest, most comprehensive bank deposit network in the industry, reaching 3.1 billion bank accounts across 116 countries. What’s more, we are directly connected to local banking switches, ensuring a seamless, efficient and secure user experience.

This level of capillarity is beneficial for our sending customers as it provides them with an unmatched breadth of banks and branches, helping them reach family members wherever they may be. And what’s best, offering this service helps foster true financial inclusion.

Below, we go over some of the reasons why.

Bank deposits are cost-effective

In rural areas of the world, sometimes the nearest financial service point is hours away. This means that, for a person to collect cash money, they need to pay for transportation, an expense that takes away from the amount the beneficiary is receiving.

However, that doesn’t mean brick-and-mortar locations aren’t necessary. In fact, there are still 1.7 billion unbanked adults that rely on traditional channels to receive financial support from their loved ones abroad.

Access to banks promotes investment

When migrants have access to banking services back home, they feel more comfortable with mortgages or taking out loans for investing. Having access to a local bank empowers them to participate in their home economies, even if they are far away, and allows them to better organize their family’s finances as well as their own.

In general, obtaining a financial identity opens up those previously unbanked to a whole new world of possibilities. For instance, they can apply for loans or apply for aid.

Not all money transfers are made for immediate use. Oftentimes, migrants will actually send money home for their families to put into savings accounts. In these cases, a direct bank deposit would reduce costs and save the family a journey to the point of sale and bank.

In fact, customers living in the United Kingdom, United States, Spain, Canada and Australia who want to pay in card can even process their deposit seamlessly through our online channel, no required minimum.

Conversely, families who do want to make use of some of the money sent can also benefit from having a bank account. Knowing the leftover funds are safe in the bank can encourage them to spend only what’s truly necessary.

Our commitment to financial inclusion

In order to achieve true financial inclusion, simultaneous efforts must be put in motion. This way, customers will be able to benefit from tailored services that fit their needs.

That’s why, at Ria, we challenge ourselves every day to find new and better ways to transfer money.  

As Ousmane Ba, Ria’s Bank Deposit Product Owner, shared, “In our aim to continue satisfying our customers’ needs through diversifying our payout methods, Ria’s extensive bank deposit network serves as a channel for millions of migrants to send money hassle-free to their own or families’ bank accounts. This service is key to the promotion of financial inclusion in line with local governments’ objectives across the globe, as well the World Bank’s UFA2020 (Universal Financial Access by 2020) initiative.

Perhaps there is more than one way to reach financial inclusion, but it is our duty as an international community to continue striving simultaneously to better the lives of the underserved.


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